2009 (12) TMI 591

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..... ided that in cases involving substantial question of law of importance as well as in cases where the same question of law will repeatedly arise, either in the case concerned or in similar cases, appeal should be entertained and considered on the merits without being hindered by the monetary limits - Appeal allowed
RAMACHANDRAN NAIR C. N., MOHANAN V. K., JJ JUDGMENT 1. Even though counsel app .....

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..... the letter written by the chartered accountant that he has given the commitment on behalf of the assessee agreeing that assessment of interest income at 27 per cent. for both the assessment years 1997-98 and 1998-99 specifically on condition that no penalty proceedings will be initiated under section 271(1)(c) of the Income-tax Act. Counsel for the respondent pointed out the last portion of the as .....

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..... , after disabling the Assessing Officer to conduct enquiry and to sustain assessment on his own reasoning by agreeing for specific additions, it is not fair on the part of the assessee and the auditor to backtrack and disown the commitments. The Board has also decided that in cases involving substantial question of law of importance as well as in cases where the same question of law will repeatedl .....

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